Indonesian leader vows to resolve free trade zone issues with Singapore

  • July 31, 2015

Indonesian President Joko Widodo has vowed to address issues within the Batam, Bintan and Karimun free trade zone with Singapore. 

Speaking at a press conference on July 29 within the framework of his visit to Singapore, the Indonesian leader affirmed that he will set up a special office to deal with regulation-related problems to ensure that the zone attracts more foreign investors to Indonesia. Based on a cooperation agreement between Singapore and Indonesia, the three islands of Batam, Bintan and Karimun became a free trade zone in 2007 with businesses enjoying customs and tax exemptions. However, the area has not lived up to its potential. At present, Singapore is Indonesia’s fourth largest trade partner. The country has been one of the five leading investors in Indonesia since 2001, with total investment capital reaching US$5.8 billion last year.

Source: VOV

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